EURUSD in choppy move overnight with Draghi’s mentioning solid growth and inflation which still on the way on hitting its 2% target prevents EUR from going lower but instead to go higher up to 1.2538 overnight. Although the market have some disappointments as Trump speech tries to slow down the USD falling knife and says he ultimately wants a strong USD which caused some pullback on EUR. But overall bullish tone for EUR remains and today’s US data and stock/bond market move as well as last day of Davos’ event will dominate the intraday action with support at 1.2420-30 and resistance at 1.25 and 1.2535-40 preferring the buying on dips with tight stop strategy.
USDJPY rebound slightly after finding some support around 108.40-50 (o/n low 108.48). And Trump speech about he wants a stronger USD will only drives minor technical rebound with overall bearish trend still remains in short term. Today US data and stock/bond market move will have some intraday impact with support at 108.50 and resistance at 109.10 and 109.50 preferring to keep selling on rallies with tight stop strategy.
GBPUSD in roller coaster move overnight, first in following the weak USD trend running to a year high of 1.4345 and then retrace down sharply because of Trump’s strong USD comments. And goes back up again after the market calms down and resume in bearish USD trend. Today, UK Davis having a speech about transition period and the last day of Davos forum will have more speech coming out might have some intraday impact. Also US data and stock/bond market move also have some impact for GBP and GBP cross with support at 1.4200-10 and resistance at 1.4340-45 and then 1.4380-00 preferring to buy in dips with tight stop strategy.
USDCHF rebound slightly after hitting low at 0.9295 overnight. And SNB’s Jordan verbal intervention driven some profit taking but the overall bearish trend remains on broad USD weakness environment. EURCHF goes lower also indirectly adding some pressure for the pair. Today US data and stock/bond market move will have some intraday impact with support at 0.9330 and 0.9295 with resistance at 0.9400 and 0.9450-60 preferring to sell on rallies with tight stop strategy.
EURJPY went up slightly despite the choppy move of EURUSD. It firms up overnight after ECB’s risk event and the steady of USDJPY overnight driven some upside risk for the cross. Also higher US stock market also support risk sentiment and helping the cross. Today US data and stock/bond market move will have some intraday impact with support at 135.30 and resistance at 136 and 136.50, preferring buying dips with tight stop strategy.
EURGBP rebound after ECB and Draghi’s speech with firm EUR tone that driven more short covering for the cross. The market running catch up move on EURUSD after ECB having not much tone as expected will set for next upside risk on the cross in near term. But the market focusing on direct USD dealings and cross will be in slow reaction. Today US data and stock/bond market move will have some intraday impact with support at 0.8740-50 and resistance at 0.8800 and 0.8830-40 preferring buying on dips with tight stop strategy.
GOLD in consolidation overnight with first going up then retrace down closely following the broad USD direction. Trump trying to stabilize USD fall by mentioning he wants a stronger USD driven some technical rebound for USD but rather shortlived in nature. As the market keen to reload the USD long position on every rallies, the tightening trade environment this year and more trade conflict as well as protectionism rising risk remains to support GOLD in short term. Today US data and stock/bond market might have some intraday impact with support at 1350 and resistance at 1365 which still prefer buying dips with tight stop strategy.
Silver around similar level from yesteday and some sideway consolidation with broad USD choppy move. As GOLD stays in firm tone which will still support silver in short term. Today US data and stock/bond market move will have some intraday impact with support at 17.40-45 and resistance at 17.70 which prefer to keep buying dips with tight stop strategy.